Sonim Reports 34% Increase in FY2023 Revenue, to $93.6 Million, Significant Expansion Momentum in New Addressable Markets

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[{"type":"text","content":"Expanding Portfolio and Carrier Awards Boost Company's Addressable Market from $400M to $52B[*]\n13 New Carrier Awards Set to Fuel 2024 Product Sales\nNew 2024 Product Launches Support Entry into Larger Rugged Pro, Connected Solutions and Consumer Markets, Geographic Expansion into Europe\nSan Diego, California--(Newsfile Corp. - March 27, 2024) - Sonim Technologies, Inc. (NASDAQ: SONM), a leading provider of mobility solutions that include ultra-rugged and rugged phones, connected devices, consumer durable mobile devices, and accessories designed to provide extra protection for users that demand more durability in their work and everyday lives, reported financial results for the year ended December 31, 2023.\nFull Year 2023 and Recent Highlights\n\nNet revenues increased by 34% year-over-year, to $93.6 million, up from $69.8 million in 2022\nGAAP net loss for the full year improved to $90 thousand, down from a net loss of $14.1 million in 2022\nAdjusted EBITDA[†] was positive $4.0 million for 2023, compared to negative $9.9 million for 2022\nEnded the year with cash and cash equivalents totaling $9.4 million, accounts receivable at $25.3 million, and inventory valued at $6.5 million\nIncreased sales of Sonim's fully refreshed XP10 ultra-rugged 5G smartphone at tier-one carriers in the U.S. and Canada\nEntered much larger adjacent wireless internet and consumer durable addressable markets with new devices set to launch throughout 2024\nSecured six awards each for wireless internet solutions and rugged phones, plus one for consumer durables with new devices set to launch beginning 2024 in target geographical markets\nCommenced expansion plans to enter the European market, by establishing a geographic team focused on rugged mobility and connected solutions to fill the gap left by exiting competitors\n\nPeter Liu, Sonim's Chief Executive Officer, said: \"In 2023, Sonim achieved significant growth with a 34% increase in sales, improvement of the GAAP net loss to $90 thousand, $4.0 million in positive adjusted EBITDA, and three quarters of positive GAAP net income, highlighting the early success of our strategy to grow and diversify. This is only the beginning of what we plan to achieve. We look forward to further growth and scale in 2024, driven by a growing number of new product awards from tier-one carriers, expansion into large a...

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